Brent crude oil is trading at $ 69.45 per barrel. Brent oil is trading above the upper boundary of the Ichimoku Kinko Hyo Cloud, indicating a bullish trend in Oil. The Ichimoku Kinko Hyo Cloud upper limit test is expected near the level of 69.20, from which one should expect a rebound attempt and continue the development of a bullish trend with a target to rising near the level of $ 71.95 per barrel. An additional signal in favor of oil growth will test the level of support.
Analysis & forecast Brent Oil on January 19, 2018
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of signal lines at the level of 69.60. Canceling the growth of oil quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below the area of 67.90, which will indicate a change in the bullish trend in favor of a bearish trend. Expect to accelerate the growth of oil quotes Brent is with the breakdown of the upper boundary of the channel and the closing above the level of 70.70.
